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term on trying to boost job growth. over the ten-year window you will see steadily declining deficits. at the end the period i think you'll see a declining debt-to-gdp ratio. that's the right trajectory. >> yesterday we had warren buffett on the program. he said he thinks the proposal would be to boost the earned income tax credit even more, expand that in a bigger way. that's a way to boost wages for people that are working without looking at job losses by raising the minimum wage. how about offering it to a wider variety of people and taking the minimum wage proposal off the table? >> these things are not mutually exclusive. there's no reason you can't work at both ends here. >> is it something you would offer if you did a broad -- not what you're talking about right now, but boosting the income tax credit in a big way, offering it across the aisle as a way of finding compromise, in instead of looking at one from another. i think that would be something republicans would take on heartily. >> we're willing to consider any ideas republicans put on the table. the president is putting t
remained overvalued despite an account deficit. >> reporter: the debt of the country has been falling, though, as a result, yields have been rising. they're not worried you're not going to be able to reservice it. are you worried about a restructuring? >> we are not worried, but ukraine needs external help for the next year or two. i think with sensible economic policies and with international support from the imf, u.s. and the eu, we can return to the market back within six months, maximum. >> reporter: if you listen to a discussion about ukraine and the united states, it's all about this is the eu or russia, a forced choice, some kind of big monumental decision for ukraine. do you see it so divided, choosing between eu and russia? >> ukrainians would not want to make it look like this. it wants help from all of its neighbors including russia and on the other side, but the majority of the population definitely supports european standards of business, democracy, free market economy. >> reporter: thanks so much for joining us, mr. fiala. we really appreciate it. tomas fiala, ceo of dra
't have enough import to fund our consumption or enough saving to support our deficit. what are we going to do if china changes and we don't. >> but i gather that you think they're on the ascendency and we are clearly on the decline. that is the -- i will say, that was my takeaway. >> they are rebalancing their model to keep the growth and development story going and that will certainly take them to a larger scale of their economy than ours, at some point in the next five to ten years. >> gdp. >> their per capta gdp, joe, is going to be increasing, but at a much slower pace. for a long time. >> multiplied out and that's why it's bigger. >> for a long time. are we on the decline? that's the big debate in america. we continue to undersave, underinvest in people, infrastructure, and capacity. and if we don't get that together, then their ascendency will coincide with our decline. >> we've had periods like this before. >> yeah. >> i mean, you're optimistic we get it together or do you think we're the roman empire? >> no, look, i hope we get it together. what i don't see is a debate on the st
to have it happen during -- when things were terrible five years ago. but we can have a deficit which creates more debt but not at a rate that this grows faster than gdp grows. if gdp is going to grow at 2% in real terms, but the fed has a policy that they're shooting for 2% inflation on top of that, that would mean 4% in terms of nominal gdp and you literally could have debt grow at 4% and it would maintain the same relationship to no, ma'amal gdp as it does now. the trend is wrong. there is a danger of that goes wrong. i don't like seeing it go up as a percentage of gdp. this country is in wonderful shape. >> if you say government pensions aren't the problem because the government has the power to tax, what do you say to somebody who has a private pension? should they be worried about it? should they think they are still going to get it when they retire. >> it's protected by the pension benefit guarantee corps. that has come into play in many pension plans. the state municipal pension plans, the one right here in omaha, is in terrible shape. and almost out of resources. it's a healt
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